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Saturday, April 21, 2012

Cities where unemployment is double the national rate

When the U.S. labor market is discussed, the national figures naturally take center stage. But the employment picture across the country can be very different -- not just between states, but from city to city, too. The recent jobs figures for February show a great variation among the country’s largest metropolitan areas. While some are doing extremely well, others are plagued with astronomical unemployment rates that are getting even worse.

The five worst-off metropolitan regions had unemployment rates of 17.6 percent or more in February -- more than double the national unemployment rate of 8.7 percent. Meanwhile, the five best regions had unemployment rates of 4.2 percent or less -- less than half the national average. 24/7 Wall St. reviewed the jobs market conditions in the five best and five worst-off cities.

Between February 2011 and February 2012, according to the Bureau of Labor Statistics, the non-seasonally-adjusted unemployment rate nationwide fell from 9.5 percent to 8.7 percent. In most of the nation’s largest metropolitan regions, the jobless rate followed a similar pattern. However, in 19 cities -- the majority of which are in New York State -- the jobless rate worsened rather than improved. Read more.....